USDCAD negative USOIL correlation!!

I have read on line & verified per 1 DAY USDCAD & 1 DAY USOIL chart that it TRUE, about the negative correlation. The reason this pair is a COMMODITY related pair is CANADA economy is highly dependent on its UNITED STATES southern neighbor and exporting OIL to it's country. Around 70 percent of all of Canada's OIL is exported go to USD.

Please look how the USDCD chart and USOIL chart--- you could print this chart out & fold the paper in 1/2 (half) and both side's would match up. *NOTE: When USOIL goes up USDCAD pair will go down & versa versa.

The personality of USDCAD pair and USOIL negative correlation you should keep in mind. Good Luck Trading!!!

I agree with your premise but I don't see the correlation anymore starting May 2016.. probably because the US Dollar printed a low and is currently in a bullish intermediate trend which will push all the way up to the Brexit. What do you think Anbat?

When price action of USOIL & USDCAD are close together they are in the YELLOW area of stop light (not Green or up & not Red or down). Both are in a neutral or 50% area & close to a major SUPPORT area on charts-- so that is why both price actions are close together. Once a TREND is obvious, then both price actions will REVERSE each other again.

I understand but.. I was just pointing out the fact that OIL and USDCAD (as of May 2016) are now moving together in the same direction and are no longer trending opposite one another. Long story short: They are no longer correlated ;)